Grupo Elektra pays $658 million for Advance America

Mexican financial services company Grupo Elektra completed its acquisition of payday lender Advance America, Cash Advance Centers Inc. for approximately $658 million.

The companies announced the deal in February and at that time put the total value of the transaction at $780 million, which includes Advance America's outstanding debt.

Grupo Elektra is a provider of banking services, credit and other financial products to people in Mexico and in other Latin American countries, including Brazil, El Salvador, Guatemala, Honduras, Panama and Peru.

Source: AP